Excluding cable, Time Warner's stock, now at 14.69, would trade closer to 10. But the company's prospects and its other assets' value suggest the shares are worth more than 20.

"If there's no significant change in egg prices into '09, it could get close to $7 a share in earnings," estimates Daniel Lew, portfolio manager of SunAmerica Focused Small-Cap Value Fund, owner of 305,000 shares. "Fundamentally, it's a very attractive stock, making money, paying out a nice dividend and benefiting from rising food prices. A company like this deserves a 10 times multiple during this cycle, or $70 a share.

At about 21, Constellation shares trade at 12.2 times projected 2009 profits -- compared with about 18.8 times for Brown Forman (BFB), 13.4 times for Diageo (DIA) and the 15.5 times average for distillers and vintners. It's a potential bargain if more people need to take the edge off this bear market, or toast the bull one when it finally arrives.

It is tempting to suggest the shares are an even bigger bargain now than they were in March; several analysts on Thursday noted that the stock is trading at the very low end of its historical valuation range. And I do think the company's long-term position is strong; its effort to expand the use of graphics processors instead of microprocessors for computing-intensive applications could be a big winner, and there is an opportunity for them in mobile devices. But for now I'm worried about that heap o' troubles Nvidia described. It doesn't help that Nvidia declined to hold a conference call after last week's news. Bargain hunt if you like, but go with caution.

In short, NetSuite is more expensive to install, implement and train workers on than Salesforce's CRM offering. But once those steps are completed, subscription renewals provide a steady stream of cash. "We make all of our money when customers renew," Nelson says. Thus, NetSuite, with about $120 million in trailing 12-month revenue, will take longer to ramp up than Salesforce, which currently boasts nearly $850 million in trailing revenue. But once it does, the company has the chance to become the "next huge software company," Nelson predicts.